Stocks slightly upbeat after snapping 3-day losing streak

Snapping the three-day losing streak, Dhaka stocks closed slightly higher on Thursday although investors remained cautious anticipating a sluggish economic output amidst the ongoing macroeconomic strains, particularly higher inflation, depleting foreign exchange reserves, and declining bilateral trades.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), gained 3.6 points or 0.06 per cent to settle at 6,353 against 6,350 points in the previous trading session.

Among other indices, the DS30, the blue-chip index, added 4.7 points or 0.21 per cent to close at 2,235, and the DSES, the Shariah-based index, fell 1.1 points or 0.08 per cent to 1,385.

Meanwhile, the Dhaka bourse observed a significant fall in participation with its total turnover falling by 21 per cent to Tk 798 crore against Tk 1018 crore in the previous trading session.

The market observed see-saw trading with investors staying sidelines as the majority of investors had bleak expectations regarding the market outlook because the rising import costs and the current dollar crisis were now hampering the business operations and profitability of many listed companies.

Meanwhile, most of the stocks were stuck at their floor prices without potential buyers while many others suffered corrections.

Sea Pearl Beach Resort & Spa topped the gainers’ list, advancing by 9.9 per cent, followed by Chartered Life Insurance, Summit Alliance Port, Sinobangla Industries, and Orion Infusion.

On the other hand, aamra technologies suffered the most, giving up 7.6 per cent, followed by Samorita Hospital, Coppertech Industries, IT Consultants, and BD Thai Food & Beverage.

Of the issues traded, 36 advanced, 80 declined, and 227 did not see any movement on the trading floor of the DSE.

The port city bourse, Chittagong Exchange Stock (CSE), also closed slightly higher with its two major indices – the selected indices (CSCX), and the all-share price index (CASPI) advancing by 11.6 points and 19 points respectively.

Of the issues traded, 29 advanced, 46 declined, and 104 remained unchanged on the trading floor of the CSE.